According to recent reports, hip-hop/rapper heavyweight Jay-Z is reportedly close to finalizing one of the biggest music contracts ever awarded, a $150 million deal with concert promoter Live Nation. The New York Times reports that Jay-Z will have to launch a venture called Roc Nation, as part of a ten year deal which will finance Jay-Z’s record label, his upcoming tours and various endorsements and investments.
The two parts involved will split profits while Jay-Z would have to hit the stores with three albums during the 10 years. The Celebrity rapper, Jay-Z’s current co-headlining tour with Mary J Blige is also part of the agreement.
As a recall, last year, Jay-Z sold his Rocawear clothing line to the Iconix Brand Group Inc for $204 million in cash; he also got the Artful Dodger clothing line for $15 million and expanded his 40/40 franchise while, earlier this year, Jay-Z began his own advertising agency with mogul Steve Stoute.
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